Non-U.S. Activities

3 Months Ended

Mar. 31, 2026

Segments, Geographical Areas [Abstract]

Non-U.S. Activities

Non-U.S. Activities

We define our non-U.S. activities as those revenue-producing business activities that arise from clients that are generally serviced or managed outside the U.S. Due to the integrated nature of our business, precise segregation of our U.S. and non-U.S. activities is not possible.

Subjective estimates, assumptions and other judgments are applied to quantify the financial results and assets related to our non-U.S. activities, including our application of funds transfer pricing, our asset and liability management policies and our allocation of certain indirect corporate expenses. Management periodically reviews and updates its processes for quantifying the financial results and assets related to our non-U.S. activities.

The following table presents our U.S. and non-U.S. financial results for the periods indicated:

	Three Months Ended March 31,
	2026						2025
(In millions)	Non-U.S.(1)		U.S.		Total		Non-U.S.(1)		U.S.		Total
Total revenue	$	1,676	$	2,120	$	3,796	$	1,382	$	1,902	$	3,284
Income before income tax expense	454		515		969		309		513		822

(1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.

Servicing fees generated outside the U.S. were approximately 49% and 47% of total servicing fees in the first quarters of 2026 and 2025, respectively.

Management fees generated outside the U.S. were approximately 23% and 24% of total management fees in the first quarters of 2026 and 2025, respectively.

Non-U.S. assets were $94.16 billion and $85.65 billion as of March 31, 2026 and 2025, respectively.